Ivory Coast, officially the Republic of Cote d'Ivoire, is a country in West Africa. Ivory Coast borders Liberia and Guinea to the west, Mali and Burkina Faso to the north, Ghana to the east, and the Gulf of Guinea and the Atlantic Ocean to the south.
Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Despite government attempts to h3ersify the economy, it is still heavily dependent on agriculture and related activities, engaging roughly 68% of the population. Since 2006, oil and gas production have become more important engines of economic activity than cocoa. According to IMF statistics, earnings from oil and refined products were $1.3 billion in 2006, while cocoa-related revenues were $1 billion during the same period. Cote d'Ivoire's offshore oil and gas production has resulted in substantial crude oil exports and provides sufficient natural gas to fuel electricity exports to Ghana, Togo, Benin, Mali and Burkina Faso. Oil exploration by a number of consortiums of private companies continues offshore, and President GBAGBO has expressed hope that daily crude output could reach 200,000 barrels per day (b/d) by the end of the decade. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by 1.8% in 2006 and 1.7% in 2007. Per capita income has declined by 15% since 1999.
Close ties to France since independence in 1960, the development of cocoa production for export, and foreign investment made Cote d'Ivoire one of the most prosperous of the West African states, but did not protect it from political turmoil. In December 1999, a military coup - the first ever in Cote d'Ivoire's history - overthrew the government. Junta leader Robert GUEI blatantly rigged elections held in late 2000 and declared himself the winner. Popular protest forced him to step aside and brought Laurent GBAGBO into power. Ivorian dissidents and disaffected members of the military launched a failed coup attempt in September 2002. Rebel forces claimed the northern half of the country, and in January 2003 were granted ministerial positions in a unity government under the auspices of the Linas-Marcoussis Peace Accord. President GBAGBO and rebel forces resumed implementation of the peace accord in December 2003 after a three-month stalemate, but issues that sparked the civil war, such as land reform and grounds for citizenship, remained unresolved. In March 2007 President GBAGBO and former New Force rebel leader Guillaume SORO signed the Ouagadougou Political Agreement. As a result of the agreement, SORO joined GBAGBO's government as Prime Minister and the two agreed to reunite the country by dismantling the zone of confidence separating North from South, integrate rebel forces into the national armed forces, and hold elections. Several thousand French and UN troops remain in Cote d'Ivoire to help the parties implement their commitments and to support the peace process.
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Date Posted: 9/4/2008
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